Ethereum is facing heavy selling pressure, dropping nearly 10% in the past week. Its current price, around $2,366, has sparked concern among analysts who predict a possible further decline of up to 50%, based on a log regression analysis.
Crypto expert Benjamin Cowen emphasized that Ethereum's failure to hold support against Bitcoin has led to a massive 70% dip to a crucial regression trend line. With the price already down by 41%, there is fear of an even deeper drop.
The ongoing Israel-Iran conflict has also impacted the crypto market, reducing optimism for the anticipated "Uptober" rally. "Whales from Ethereum’s ICO are now liquidating their holdings," which shows declining confidence from long-term investors.
Looking ahead, some predictions indicate Ethereum could face a 50% drop by year-end. With low institutional interest, attention seems to be shifting toward Bitcoin. Although Vitalik Buterin has proposed new changes to strengthen Ethereum’s ecosystem, its adaptability to current market pressures will be key.
Investors should keep a close eye on these factors, as they will likely influence future price movements.
